The Provincial Government of Bohol (PGBh) has signed a Memorandum of Agreement (MOA) with the Landbank of the Philippines to support the Province’s Fish Buy Back Program. The MOA was signed by Governor Aris Aumentado and Landbank President and CEO Cecilia Borromeo recently at the New Capitol Building.
The Fish Buy Back Program aims to address the problem of high fish prices in Bohol and empower fisherfolks and fisher cooperatives.
The program will provide loans to fisherfolks and fisher cooperatives to buy fish from other fisherfolks and sell them at a lower price to consumers.
The loans will be provided by the Landbank of the Philippines at an annual interest rate of as low as 2%, with a repayment period of five (5) years, payable every six months from the date of the initial drawdown.
The Landbank of the Philippines has already approved a total of P162.8 million in loans for 17 fishers’ associations and 7 fish trader groups to jumpstart the Fish Buy Back Program.
The program is expected to help the fisherfolks and fisher cooperatives in Bohol and address the problem of high fish prices in the province.